LIVEA Record $11B Crypto Options Expiry Looms as BTC Shows Little Volatility
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∆ The expiry is Deribit's largest so far and a record of almost $5 billion of options will expire in the money. ∆
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∆ On Friday, $7.7 billion worth of options tied to bitcoin and $3.5 billion of options linked to ether [ETH] will expire on Deribit..∆
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∆..Bitcoin, ether options worth over $11 billion will expire on Deribit on Friday.
Both cryptocurrencies are trading well above their "max pain points."
The market is unlikely to see major volatility ahead of the expiry, one observer said.∆
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∆ Bitcoin (BTC) remains well supported, holding above $40,000 as the clock ticks down to 2023's last quarterly options expiry.
On Friday at 08:00 UTC, a staggering $7.7 billion worth of options tied to bitcoin (BTC) and $3.5 billion of options linked to ether (ETH) will expire on the crypto exchange Deribit.
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∆"The total of over $11 billion marks Deribit's largest expiry thus far, of which almost $5 billion will expire in the money, the largest amount ever as well, potentially resulting in above average hedging and trading activity," Luuk Strijers, the exchange's chief commercial officer, told CoinDesk.
Options are derivative contracts offering the purchaser the right, but not the obligation, to buy or sell the underlying asset at a predetermined "strike" price at a later date, the expiry date. A call offers the right to buy; a put confers the right to sell. On Deribit, one options contract represents one BTC or one ETH. An in-the-money call option is one with a strike price lower than the market rate. For a put, an in-the money strike price is higher than the going rate.
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∆This quarter's 60% upswing in the bitcoin price and ether's 43% gain have investors scrambling to add upside exposure through calls. That explains the record notional open interest for in-the-money call options.
#NFP #BTC #Launchpool #ARB #ETH
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